Be ‘prudent’ with money, Obama advises Americans

Washington, March 8 (IANS) US President Barack Obama has said there is no assurance that the economy will start growing in 2009 and advised the American public to be “prudent in your personal financial decisions”. “What I don’t think people should do is suddenly stuff money in their mattresses and pull back completely from spending,” he said in an interview to the New York Times Sunday.

“Our belief and expectation is that we will get all the pillars in place for recovery this year,” he said. “How long it will take before recovery actually translates into stronger job markets and so forth is going to depend on a whole range of factors.”

He said that “part of what you are seeing now is weaknesses in Europe that are actually greater than some weaknesses here”.

“I don’t think that people should suddenly mistrust all of our financial institutions,” he said. “I don’t think that people should be fearful about our future.”